A joint venture (JV) between US-based real estate investment company Palladius Capital Management and Marquee Funding Group is supporting the construction of the Cambria Hotel in Hillsboro, Oregon.

The JV will provide an $11.5m loan finance for the hotel’s construction.

Located at 5523 NE Huffman St. in Hillsboro, this four-storey property will feature 115 guest rooms, a fitness room and meeting spaces.

Palladius Capital Management hospitality investments head and CFO Afshin Kateb said: “We are excited to provide this financing to two high-quality sponsors who understand the local market exceptionally well and have a sound business plan to own and operate a high-performing hotel supported by multiple demand generators.

“This transaction illustrates that during these volatile capital markets times, while most regional banks have materially reduced their lending capacity, we remain present and ready to lend to qualified projects.”

The fixed-rate loan has a period of 24 months and is offered to sponsors, hotel developers and manager Evergreen Hospitality Development and hotel management company Fine Hotel Group.

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The 22,000ft² upscale hotel will be constructed on land owned by Majestic Realty Co, adjacent to Majestic Brookwood Business Park.

Palladius Capital Management CEO Nitin Chexal said: “Recovery within the hospitality sector has been extremely market – and in some cases submarket – specific, as widely varying demand drivers create disparate impacts on regional and local hospitality ecosystems.

“In this case, the Hillsboro market demonstrates robust leisure demand and is beginning to show signs of recovery in business travel.”